Realty firm Max Estates has reportedly raised Rs 8 billion through the sale of equity shares to institutional investors, with plans to use the funds for business expansion. The company launched its Qualified Institutional Placement (QIP) on August 29, and the issue closed on September 3. The floor price for the issue was set at Rs 628.74 per equity share. The shares were allotted at a 4.97 % discount to this floor price to 25 eligible investors, including mutual fund firms such as Invesco India, Nippon Life India, and Kotak.
Sources indicated that the funds raised would be utilised as growth capital, with the company planning to acquire land in the Delhi-NCR region for the development of real estate projects. Max Estates is recognised as a leading real estate developer in Delhi-NCR, focusing on both residential and commercial developments.
